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Accounting

CLOSE UP SHOP  

07 Dec 2022

Phrase

  • to stop doing business (for a variety of reasons.)
Example Sentence: The university bookstore had to close up shop when their rent was increased.
 

CLOSE THE BOOKS  

06 Dec 2022

Phrase

  • to stop taking orders, to end a bookkeeping period.
Example Sentence: The company will close the books at the end of December.
 

BUDGET CRUNCH/SQUEEZE  

28 Nov 2022

Phrase

  • a situation where there is not enough money in the company.
Example Sentence: There is a severe budget squeeze at our company and we must stop wasting money.
 

BEAN COUNTER bin kaʊntər

21 Nov 2022

Phrase

  • an accountant.
Example Sentence: We asked the bean counters to look at the figures in the new budget.
 

CAPPED FEE kæpt fi

10 Nov 2022

Noun

  • the maximum a company can charge for its services.
Example Sentence: The government has announced to cap tuition fees at $500 per month.
 

FLAT FEE flæt fi

09 Nov 2022

Noun

  • a fixed fee for a service that remains unchanged regardless of usage (e.g. a law firm is not paid by the hour for its services in a particular case but the type of case has a fixed fee)
Example Sentence: We will assist you with any business related legal issue and we offer you a flat fee payment option.
 

AMORTISATION əˌmɔːtaɪˈzeɪʃən

03 Nov 2022

Noun

  • the repayment of debt in small regular amounts.
Example Sentence: Company earnings before interest, tax and amortisation grew by 10%.
 

BAD DEBT bæd dɛt

02 Nov 2022

Noun

  • money that is owed but unlikely to be paid back.
Example Sentence: The bank's losses were caused by bad debt.
 

BREAKEVEN breɪkˈivən

23 Aug 2022

Noun

  • the point at which a business operation can begin to make profit, and no longer loses money.
Example Sentence: I'm sure my husband's company will reach breakeven within a year.
 

STATISTICS stəˈtɪstɪks

11 Jul 2022

Noun

  • numerical facts or data.
Example Sentence: Recent statistics have shown an increase in the test subject’s reaction time.
 

INDIRECT TAXATION ɪndəˈrɛkt, tækˈseɪʃən

03 Jul 2022

Noun

  • includes taxes which are levied in an indirect way rather than being charged directly on an individual's income or estate.
Example Sentences: Tax on products, such as cigarettes, alcohol and petrol, is also a form of indirect taxation.
High indirect taxation tends to hit the poor far more than the rich.
 

DIRECT TAXATION dɪˈrɛkt tækˈseɪʃən

02 Jul 2022

Noun

  • includes taxes which are imposed directly on the individual paying them.
Example Sentences: Examples of direct taxation are income tax, capital gains tax and inheritance tax.
High direct taxation hits the rich hard.
 

TAX YEAR tæks yɪər

01 Jul 2022

Noun

  • The calendar year or fiscal period for which income tax is to be paid.
Example Sentence: In Hong Kong the tax year ends on 31 March.
 

TAX RETURN tæks rɪˈtɜrn

30 Jun 2022

Noun

  • Is a form on which certain tax payers annually list their salary (including pensions), or income from self employment together with benefits in kind, other income and capital gains.
Example Sentence: Don’t forget to get your tax return in by the end of the month. There’s a penalty if you send it in late.
 

TAX RELIEF tæks rɪˈlif

29 Jun 2022

Noun

  • Are amounts which you can deduct from your annual income to reduce the amount on which you have to pay tax.
Example Sentences: Tax relief that can be claimed in connection with employment includes travel expenses necessary for you to carry out your work and for which the employer does not pay.
I claimed tax relief on my Hong Kong business trip.
 
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